OxyContin maker reaches $270 million settlement related to opioid crisis

The $270 million settlement with the state of Oklahoma marks a milestone for Purdue Pharma, which is exploring filing for bankruptcy.
2:21 | 03/26/19

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Transcript for OxyContin maker reaches $270 million settlement related to opioid crisis
It is an honor and a privilege. To. Recognize that it is a new day in Oklahoma. And for the nation and our battle. Against addiction and the hope you an epidemic. We have just this morning had a we instead of Oklahoma. Had a settlement. In a consent decree approved by. The district judge down in Cleveland county withdrew with regard to our cause of action against. One of the defendants in the okamura litigation. Purdue Pharma. Through this historic. Agreement. In which the state will enjoy a 270 million dollar us 270. Million dollar. Settlement. They nearly 200 million dollar endowment. For the oh issue center for Health Sciences Center. For wellness. And recovery will occur. This begins a new chapter for those struggling with the direction. The endowment will establish a foundation. There will receive an initial 102 point five million dollars. There will grow. Specifically. To the OSU center for health sciences center for wellness and recovery. And beginning in January 1 of next year the foundation will receive an annual fifteen million dollar payment over a five year period. And during that same five year timeframe. Here will receive. Ongoing contributions of addiction. Treatment medicine. Both for rescue and recovery. And that has a market value of Tony million dollars four million dollars. In rescue. And treatment drugs over five year period. Another twelve and a half million from the settlement has been set aside to providing funds. That will directly abate and address the opulent epidemics effects in oklahomans. Towns cities and counties. Purdue will also make a sixty million dollar payment to offset. All of the State's. Litigation cost to this point. I would lie.

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